RESOLVED - T H A T the minutes of the meeting held on 1st October, 2012 be approved as a correct record.

718 DECLARATIONS OF INTEREST -

No declarations were received.

719 PRESENTATION BY JULIE LORD, BLUEFIN -

After being welcomed to her first meeting of this Committee, Ms. Lord commenced her presentation by outlining the investment approach adopted in respect of the Welsh Church Acts Estate’s (WCAE) portfolio. Basically the approach was to invest for the long term and not to time the markets. She explained that the investment portfolio was matched with the WCAE’s tolerance to investment risk and sought an assurance that the preferred portfolio of 50% lower risk/return and 50% higher risk / return remained the way in which the Committee wished the portfolio to be managed. Members confirmed that it was.

The annual review from Bluefin, which had been circulated to Members prior to the meeting, detailed the WCAE’s current investments and proposed changes thereto and Members considered the options presented. Bluefin recommended that the WCAE’s 71M portfolio, which totalled approximately £113.3k., be transferred to the existing Transact portfolio. Ms. Lord’s presentation touched upon the risks and referred also to the equity tilt. Appended to the aforementioned annual review was an exchange of e-mails with Bluefin confirming that the charges would remain unaltered from that last agreed by the Committee. Ms. Lord also confirmed at the meeting that the fees remained at the level agreed some time ago.

When asked who decided where to invest, Ms. Lord replied that it was a matter for both the Committee and for Bluefin but that the Committee had to authorise the same since Bluefin had no discretion in the matter. Discussion then ensued as to the preferred frequency for rebalancing the portfolio. Members were notified that information relating to the investment portfolio was available on line.

RESOLVED –

(1) T H A T the existing 71M portfolio of approximately £113.5k. be transferred to the existing Transact portfolio.

(2) T H A T the portfolio be rebalanced as indicated within the report and the necessary Authority to Proceed in accordance with the above signed by the Head of Legal Services.

Reason for decisions

(1&2) To secure the WCAE’s investments in accordance with the advice of its investment advisors.

720 APPLICATIONS FOR FINANCIAL ASSISTANCE (MD) -

Consideration was given to the applications for grant assistance as set out in the Appendix to the report and those tabled at the meeting. £29k. had been provided for grants in the Trust's approved revenue estimates for 2012/13.

RESOLVED -

(1) T H A T the applications for financial assistance as detailed below be approved: